Oaktree Capital extends credit facility maturity by two years to 2023

By Marisa Wong

Morgantown, W.Va., April 4 – Oaktree Capital Group, LLC amended on March 29 its credit agreement dated March 31, 2014 with Wells Fargo Bank, NA as administrative agent, lender, letter-of-credit issuer and swingline lender to extend the maturity date, according to an 8-K filing with the Securities and Exchange Commission.

The fourth amendment to the credit agreement extends the maturity date to March 29, 2023 from March 31, 2021. Borrowers have the option, however, to extend the new maturity date by one year if the lenders holding at least 50% of the aggregate amount of the term loan and the revolving loan commitment on the date of the extension request give their consent.

In addition, the amendment favorably updates the commitment fee in the corporate ratings-based pricing grid. The fee now ranges from 8 basis points to 17.5 bps.

The amendment also, among other things, increases the permitted combined leverage ratio to a ratio of 3:50 to 1:00.

Subsidiaries Oaktree Capital Management, LP, Oaktree Capital II, LP, Oaktree AIF Investments, LP and Oaktree Capital I, LP are the borrowers under the credit agreement.

Oaktree Capital Group is a Los Angeles-based asset management firm.

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